Driven by the “design+construction” two-wheel drive, the performance growth was steady. In the first half of 2018, the company achieved operating income of 659 million yuan, an increase of 28.41% over the previous year; net profit attributable to shareholders of listed companies was 73 million yuan, an increase of 2.59% over the previous year. The dual main business grew steadily. Design consulting completed revenue of 262 million yuan, up 14.40% year on year, accounting for 39.76% of total revenue; engineering contracting business revenue was 278 million yuan, up 20.35% year on year, accounting for 42.19% of total revenue. The company signed 657 million new design orders, an increase of 54% over the previous year. Currently, there are plenty of orders in hand, and future performance is guaranteed. Net interest rates declined. The gross margin for asset-light operations and good solvency in the first half of 2018 was 25.96%, a decrease of 0.1 pct; net interest rate was 11.77%, a decrease of 2.81 pct. The decline in gross margin was mainly due to the poor earnings situation of the Zhejiang project consolidated in the current period; the decline in net profit was mainly due to a decrease in non-operating income such as investment income. The cost ratio for the period increased by 0.78 pct to 11.12%, of which the management fee rate increased by 0.32 pct to 11.18%, mainly due to the increase in R&D expenses, and the increase in the financial expense ratio by 0.45 pct to -0.06%, mainly due to a decrease in advance interest income. The balance ratio was 31.86%, and the current ratio and the current ratio were 1.59 and 1.47 times, respectively, up 6.71% and 8.89% year on year. The company's asset-light operations and solvency were good. There was a decline in Q2 performance growth in Q3, Q4, and this year's Q1 and Q2, respectively, with revenue of 328 million, 613 million, 294 million, and 365 million, with year-on-year increases of 96.72%, 87.79%, 51.15%, and 14.53%; achieving net profit of 37 million, 42 million, 0.2 million, and 0.5 million, respectively, year-on-year increases of 100.10%, 5.11%, 14.52% and -1.37%, respectively. Due to the decline in the company's investment income this year, the growth rate of net profit in Q2 declined. External mergers and acquisitions promote the national layout, and equity incentives demonstrate confidence in development. The company has implemented a development strategy combining endogenous growth with epitaxial development. Currently, it has subsidiaries in various regions such as East China, Southwest China, and Northwest China, promoting a nationwide strategic layout. The company disclosed this year's stock options and restricted stock incentive plans during the reporting period. It plans to grant no more than 9.2 million shares of interest to 261 incentive recipients, accounting for 3.34% of the total share capital, fully mobilizing the enthusiasm of the company's middle and senior management and core employees, and demonstrating the company's confidence in future development. Profit forecast and investment recommendations: The company's EPS for 18-20 is expected to be 0.74/0.97/1.26 yuan, and the corresponding PE is 13.1/10.0/7.7 times, respectively. Maintain a “buy” rating. Risk warning: bad accounts receivable, slow growth in infrastructure and real estate investment, etc.